Big Island

Mauna Kea Resort 2024 Year-End Market Recap and 2025 Outlook

As we welcome 2025, it is the ideal opportunity to reflect on the highlights of the 2024 real estate market at Mauna Kea Resort. Before we dive into the numbers and trends, I am excited to share some updates about the $180M renovation project underway at Mauna Kea Resort.

Renovation Timeline:

Renovations began on April 15, 2024, and are expected to be fully completed by late 2025.

Accommodations:

Work on the Beach Wing is scheduled to start in February 2025 and is estimated to take 6–7 months. Once work begins on the Beach Wing, the Main Tower—undergoing renovations since April 2024—will reopen.

Dining Options:

  • Number 3: Closed indefinitely during the multi-phase renovation.
  • Manta and Copper Bar: Renovations are complete, and both are fully open for reservations.
  • Hau Tree: Remaining open as an open-air restaurant while its kitchen and bar areas undergo renovation.

Additional Information:

  • Resort Pools: The resort pool is currently open but will undergo scheduled improvements starting in February 2025. These enhancements include expanding the chaise lounge area and adding a new hot tub with unobstructed ocean views of Kauna‘oa Bay. Additionally, a new infinity-edge lap pool will be constructed at the wellness center, located in front of the Main Tower. Both hotel pools are expected to reopen in Q3 of 2025.
  • Mauna Kea Golf Course: Closed on April 15, 2024, to undergo extensive upgrades to its fairways, greens, and bunkers, the course has now reopened.
  • Fitness Center: Access will remain uninterrupted. Once the new Spa Wellness Center is complete, the current fitness center will relocate to its new home.

Anticipation is high for this exciting phase in the evolution of Mauna Kea Beach Hotel, and I am committed to providing you with live updates on the renovation process.

Turning our attention back to real estate, in 2024, there were 33 closed sales within Mauna Kea Resort amounting to just over $143 million in sales volume. This represents a 64% increase from the sales volume recorded in 2023, when there were 20 sales totaling $87M in volume. The average sales prices within Mauna Kea Resort remained unchanged in 2024 compared to the previous year, however, there has been a steady upward trend over the past five years and beyond.

The data below reveals a significant rebound in the market following the uncertainty of the post-pandemic economy and the peak interest rates we saw in 2023, the highest in 20 years. In summary, the Hawaii housing market in 2024 displayed robust demand, increasing home prices, and promising opportunities for both sellers and buyers. Despite the high cost of living, the unique advantages of residing in this clean, safe tropical paradise continue to attract interest and investment.

As average home prices remain at an all time high, a major challenge in the resort housing market on the Kona-Kohala Coast is the limited availability of quality inventory. Turnkey properties in prime locations are in high demand, with some selling almost immediately upon listing.

Please find below a summary of the sales data for your reference:

Mauna Kea Resort Sales:

  • 2024: 33 Sales (65% Increase Year-Over-Year)
  • 2023: 20 Sales
  • 2022: 65 Sales
  • 2021: 72 Sales
  • 2020: 59 Sales

Mauna Kea Resort Average Sales Price:

  • 2024: $4.33M (No Change)
  • 2023: $4.33M
  • 2022: $3.97M
  • 2021: $3.10M
  • 2020: $3.06M

Mauna Kea Resort Total Sales Volume:

  • 2024: $143M (64% Increase Year-Over-Year)
  • 2023: $87M
  • 2022: $258M
  • 2021: $226M
  • 2020: $180M

Kohala Coast Sales Above $1M (District of South Kohala)

  • 2024: 207 Sales (29% Increase Year-Over-Year)
  • 2023: 160 Sales
  • 2022: 239 Sales
  • 2021: 291 Sales
  • 2020: 145 Sales

Kohala Coast Sales Above $3M (District of South Kohala)

  • 2024: 45 Sales (67% Increase Year-Over-Year)
  • 2023: 27 Sales
  • 2022: 62 Sales
  • 2021: 69 Sales
  • 2020: 45 Sales

Kohala Coast Average Sales Price (District of South Kohala)

  • 2024: $1.58M (31% Increase Year-Over-Year)
  • 2023: $1.21M
  • 2022: $1.48M
  • 2021: $1.27M
  • 2020: $997K

Kohala Coast Total Sales Volume (District of South Kohala)

  • 2024: $630M (25% Increase Year-Over-Year)
  • 2023: $506M
  • 2022: $796M
  • 2021: $1.1B
  • 2020: $643M

Looking Ahead – 2025 Outlook:

Over the past decade, the real estate market on Hawai‘i Island has experienced significant appreciation. Hawai‘i Island’s median home price

is +73% higher than it was 10 years ago, and the appreciation varies dramatically by zip code. Although sales remain lower than 2020-2022 before interest rates and inflation slowed activity, the long-term perspective for Hawai‘i Island real estate remains strong and resilient.

mauna kea resort on hawaii island

A strong housing market does not always equate to an affordable one however, and Hawaii continues to face a significant affordability challenge. On the flip side, there is an increase in wealth circulating through the stock market, cryptocurrency, and other assets. Coupled with what we hope is growing acceptance of mortgage interest rate fluctuations, these factors may help balance the equation for some buyers.

Currently, the supply of resort properties along the greater Kona-Kohala Coast remains relatively limited, and there continues to be strong demand for high-quality, strategically located properties. In certain resort nodes, properties are being sold almost immediately upon hitting the market. The sustained yearly growth in median sale prices attests to the historical stability and security of real estate investments in Hawai‘i Island.

Looking ahead to 2025, we expect a moderate increase in existing home sales as buyers adjust to higher prices and mortgage rates. However, if rates drop, transaction activity could see a boost. Newly built homes will continue to help address the inventory shortages caused by the limited supply of existing homes. Mortgage rates are likely to stay between 6% and 7% unless a recession occurs, while short-term lending rates are expected to keep declining through 2026.

Below please find a breakdown of the 2024 sales categorized by community or sub areas within the Mauna Kea Resort.

oceanfront mauna kea resort

2024 Sales Breakdown:

(Click Here) to view the locations of the respective communities below.

Fairways South: No sales in 2024.

Fairways North: Fairways North #32 sold for $5.1M in May, and Fairways North #2 sold for $7M in early June. (Click Here) to view the sales information.

The Villas: Villa #2 sold in July for $6.7M. The unit was upgraded to 3 bedrooms from its original 2 bedroom configuration. The 2,684 square foot 3 bedroom 2.5 bathroom unit sold after 9 days on the market. Also, Villa #11 sold in just two days on the market in September, closing at $7.1M, $150K over the asking price, after receiving multiple offers. Our team had the privilege of representing both Sellers in these successful transactions. For details on these Villa sales (Click Here).

Kauna’oa: Last year, Kaunaʻoa saw a total of four (4) sales: two homes and two vacant lots. In January, a newly built home on Lot 28 sold for $6.75M, followed by another newly constructed home on Lot 27 in April, which closed for $8.995M. In the vacant lot category, Lot 26 sold for $2.075M in October, and Lot 11 recorded for $4.3M in November. For details on this sale within Kauna’oa (Click Here).

The Bluffs: No sales in 2024.

High Bluffs: No sales in 2024.

Wai’ula’ula: There were a total of five (5) sales. Three (3) four-plex units sold, one (1) duplex Villas sold, and one (1) stand alone estate home sold. For a detailed list of 2024 sales within Wai’ula’ula (Click Here).

Kumulani: There were two (2) condominium sales with an average sales price of $1.77M, an increase of 24% from the average sale price in 2023 of $1.43M. For a detailed list of 2024 sales within Kumulani (Click Here).

Moani Heights: No sales in 2024.

Apa’apa’a Heights: No sales in 2024.

Hapuna Beach Residences: There were a total of three (3) sales. For a detailed list of the Hapuna condominium sales (Click Here).

Hapuna Estates in the Uplands: Fifteen (15) properties sold in Hapuna Estate in the Uplands. Eight (8) condominiums and seven (7) vacant lots sold. (Click Here) for detailed information on all the Hapuna Estates sales in the Uplands at Mauna Kea Resort.

For a Complete List of Condominiums and Residential Properties Currently Available at the Mauna Kea Resort (Click Here).

For a Complete List of Vacant Land Properties Currently Available at the Mauna Kea Resort (Click Here).

Team Track Record & Success Stories:

Our team proudly serves all of the Kona-Kohala Coast. Since 2020, our team has achieved over $1.5 billion in sales volume across the Kohala Coast—outpacing the nearest competing brokerage by an impressive 55%. Specifically within Mauna Kea Resort, our team has achieved over $475 million in sales over the same period. A Reputation Built On Results.

Being born and raised in Waimea, I am proud to call the Kohala Coast my home. This is where I live, work, play, raise my family and serve my clients. Having a unique knowledge and a lifetime of first-hand experience with this special area, I understand every feature, benefit and offering in each community along the coast.

My area knowledge and long-term perspective is enhanced by the unrivaled statewide network, global affiliations, brand recognition, and digital platforms of Hawai‘i Life, making us the brokerage firm for all your Kona-Kohala Coast needs. With 350+ agents and now 24 offices statewide, Hawai’i Life is the exclusive statewide affiliate of Forbes Global Properties and an affiliate of Luxury Portfolio International®. Both networks serve top-tier markets around the world, adding tremendous reach and exposure for our clients. We invite you to consult our team of highly talented professionals, who service all sectors of the real estate market, including oceanfront, resort, ranch, single-family, condominium and vacant land properties.

(Click Here) to read my “Success Stories” testimonials. If you have specific needs with which I might be able to assist you, please do not hesitate to call or email.

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